Company | Profile
Didi Chuxing (formerly Didi Kuaidi) is a Chinese transportation company that connects users of its smartphone apps with vehicles and taxis for hire. The ride-hailing startup was formed in February 2015 when China’s two largest players in the space, Didi Dache and Kuaidi Dache, announced a $6 billion merger. The combined company faced fierce competition from Uber, which was investing heavily to win over Chinese customers. In the summer of 2016, Didi Chuxing finally won the battle, acquiring Uber’s China unit and thus eliminating its biggest threat. A few months later, in the fall of 2016, Didi Chuxing was valued at $35 billion and said it handled more than 20 million rides each day in China. Outside of China, the company has made strategic investments in the world’s largest ride-sharing companies, including the U.S.’s Lyft, Brazil’s 99, Southeast Asia’s Grab, and India’s Ola, hedging itself against rival Uber in emerging markets.